Fri, 4th Oct 2024
from Finance News Wrap Hosted by Paige Estritori
In this episode, host Paige Estritori discusses new financial updates in Australia, from alarmingly high rates of negative cash flow among borrowers to potential relief measures in the future. A recent Reserve Bank of Australia report shows that one in every twenty borrowers are in a negative cash flow situation, with one in fifty close to default, disproportionately impacting low-income individuals. Despite these challenges, the second half of 2024 may bring relief with anticipated Stage 3 tax cuts and interest rate cuts. Additionally, the ANZ Plus Save account now requires customers to increase their balance by $100 each month to avoid interest rate drops, benefiting disciplined savers. The Australian Taxation Office has confirmed the tax deductibility of fees for tax-related financial advice. Lastly, an early interest rate cut may be on the horizon due to an economic slowdown.n
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